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Roddy McCaskill
All agents are NOT alike! Find out why I am a top real estate expert. Call me: 501-907-5959.

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Mortgage Calculators
Welcome > Resources > Mortgage Calculators > Buying Points ...

 

Will Buying Points Save You Money?

Should you buy points? Buying points when you close your mortgage can reduce its interest rate, which in turn reduces your monthly payment. But each "point" will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points, or use the money to increase your down payment. Click on the "View Report" button to review your information.

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Definitions

Term
Number of years for this mortgage. Most common terms are 15 years and 30 years.

Mortgage amount
Total balance for your mortgage.

Interest rate
Annual interest rate for this mortgage without purchasing any discount points.

Years in home
The number of years you expect to live in this home or the number of years before you refinance your mortgage.

Principal and interest
Monthly principal and interest (PI) for this mortgage.

Points rate
Annual interest rate for this mortgage with discount points.

Points
The number of discount points you need to receive the lower rate. Each point costs 1% of your mortgage amount.

The mortgage calculators are provided by KJE Computer Solutions, LLC and made available to NUMBER1EXPERT as self-help tools for your independent use and are not intended to provide investment advice. We can't guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.



School Reports in Little Rock and North Little Rock, Arkansas
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Real Estate Tips
Buyers Remorse >First Time Buyers

People who are selling their homes should know something about the market group from which their buyers are likely to appear. Many homes are perfect for a first-time buyer. First-time buyers are making a major purchase they have never attempted before, and may be unusually subject to the inevitable stress and anxiety that goes with buying a home.

First-time home buyers are usually younger (between 25 and 34 years of age) and have distinct buying patterns. First-timers are often looking for homes that are smaller, and perhaps older, than repeat buyers. The median home size for first-time buyers is about 1450 square feet. Approximately four in ten first-timers will buy homes built before 1960, compared to two in ten repeat buyers.

First-time buyers are in the process of developing a clearly defined sense of what they want in a house. They may not have enough money to buy their ultimate dream home at first, but seventy-four percent say they like their new home better than their previous residence.

See All Tips In The "Buyers Remorse" Category >
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Real Estate Trivia
Q 
Where was the first hotel built in the US?

A 
The Union Hotel (1802) Saratoga Springs, NY, is the first hotel emphasizing lodging and services, in addition to food and drink.
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Roddy McCaskill, REALTOR®, real estate agent and broker for Little Rock and North Little Rock, Arkansas home listings, property and land for sale - NUMBER1EXPERT(tm)

Roddy McCaskill
Roddy McCaskill Team at Keller Williams Realty

1514 Market Street Ste B-100
Little Rock, Arkansas 72211
Office: 501-907-5959
Cell: 501-529-1811
Fax: 501-907-5958
Roddy@RoddyMcCaskill.com

RODDY McCASKILL Team is a full -service real estate company with seven professionals - all are fully licensed REALTORS whose total experience is over fifty-five years in real estate. Each member of The McCaskill Team is highly specialized and trained in specific areas of expertise. This enables our Team to give the highest level of service found in Little Rock real estate!

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